Middlefield Banc announced that it has completed its merger with Liberty Bank.
Simultaneous with the close of the transaction, Middlefield added William A. Valerian and Thomas W. Bevan from the Liberty Bank Board of Directors to the Middlefield Board of Directors.
The merger, which was previously announced on July 28, 2016, was approved by all appropriate regulatory agencies, as well as the stockholders of both Liberty Bank and Middlefield.
Under the terms of the Agreement and Plan of Reorganization, Liberty Bank stockholders are to receive either $37.96 in cash or 1.1934 shares of Middlefield common stock for each share of Liberty Bank common stock held.
Middlefield president and chief executive officer Thomas G. Caldwell stated: “We are pleased to welcome the customers, employees, and shareholders of Liberty Bank to the Middlefield family. The combination of these two high-quality banks creates a compelling financial institution.
“Increasing our size, scale, and geographic footprint allows Middlefield to extend services to additional retail and business customers, while providing all customers with leading financial products that are tailored to answer their own individual needs.”
Caldwell concluded: “The merger with Liberty is an exciting milestone in our 115-year history and I am excited about the opportunities this merger creates. We are focused on completing the integration of Liberty Bank into The Middlefield Banking Company during the 2017 first quarter, and I look forward to updating our shareholders on our success throughout the New Year.”
The system conversion and Liberty Bank branch signage will transition to The Middlefield Banking Company at the end of February, 2017.
Middlefield’s merger with Liberty Bank creates a bank holding company with approximately $1.0 billion in total assets, providing financial services through 14 banking offices in Geauga, Portage, Ashtabula, Trumbull, Lake, Franklin, Delaware, Cuyahoga, and Summit Counties in Ohio.